Dear Diary…
Listed under: Retail Clinic
Published: Monday, August 11, 2008
What heads your 'to do list ' this month? Yarn retailer Jenny Carlisle outlines her top priorities
1st – 9th August 2008
Summer is well underway so it’s time to start clearing summer stock. Most colours in cotton yarns can be reduced. I carry white and cream throughout the year but little else. Shelf space for new autumn ranges takes priority. If I cannot guarantee full retail price then into the clearance bin it goes! No sense holding dead stock so reduce, and reduce again to free up space and get cash in the bank. We all make buying mistakes, just don’t be too proud to do something about them.
11th – 16th August 2008
Having studied the competition, and talked to my customers, I am introducing card-making materials. This will save folk a costly trip into the city centre and widen my market appeal. I have sourced competitively-priced products – “every little helps”. When trading is difficult I have to look at new ways to increase profit margins. Price sensitivity is a key issue. If I raise prices I must gauge how much sales will fall. If I lower prices then by how much will sales rise? Given the old adage that 80% of your business comes from 20% of your customers, treading carefully is essential. However, if I can demonstrate that my brands are good quality and offer excellent value, with desirable fashion -ed designs, then price becomes less of an issue.
17th – 23rd August 2008
Autumn sees the start of craft classes and provides an opportunity to publicise my business. I display posters for local classes in the store and stock up on beginners kits ready for the demand. A section of the window will feature “How To Knit and Crochet “ books, craft magazines, and easy-to-follow patterns. Helpful advice and attention to detail brings crafters back year after year.
25th – 30th August 2008
I advertise in specialist craft magazines both for my shop and website. I use Google Adwords and as many online links as I can find. Many websites allow you to add your business details for free – so it definitely pays to do your homework! Even after trading for 51 years I cannot afford to be complacent. Trading is difficult for everyone. As autumn ranges start to arrive I ensure shelf space is ready and the new lines are in a prominent position. I make sure to let my customers get their hands on the new yarns; once they feel the quality and textures I’m halfway to a sale! Roll on autumn – I love it!
Jenny Carlisle runs Jean's Wool Shop in Belfast
Summer is well underway so it’s time to start clearing summer stock. Most colours in cotton yarns can be reduced. I carry white and cream throughout the year but little else. Shelf space for new autumn ranges takes priority. If I cannot guarantee full retail price then into the clearance bin it goes! No sense holding dead stock so reduce, and reduce again to free up space and get cash in the bank. We all make buying mistakes, just don’t be too proud to do something about them.
11th – 16th August 2008
Having studied the competition, and talked to my customers, I am introducing card-making materials. This will save folk a costly trip into the city centre and widen my market appeal. I have sourced competitively-priced products – “every little helps”. When trading is difficult I have to look at new ways to increase profit margins. Price sensitivity is a key issue. If I raise prices I must gauge how much sales will fall. If I lower prices then by how much will sales rise? Given the old adage that 80% of your business comes from 20% of your customers, treading carefully is essential. However, if I can demonstrate that my brands are good quality and offer excellent value, with desirable fashion -ed designs, then price becomes less of an issue.
17th – 23rd August 2008
Autumn sees the start of craft classes and provides an opportunity to publicise my business. I display posters for local classes in the store and stock up on beginners kits ready for the demand. A section of the window will feature “How To Knit and Crochet “ books, craft magazines, and easy-to-follow patterns. Helpful advice and attention to detail brings crafters back year after year.
25th – 30th August 2008
I advertise in specialist craft magazines both for my shop and website. I use Google Adwords and as many online links as I can find. Many websites allow you to add your business details for free – so it definitely pays to do your homework! Even after trading for 51 years I cannot afford to be complacent. Trading is difficult for everyone. As autumn ranges start to arrive I ensure shelf space is ready and the new lines are in a prominent position. I make sure to let my customers get their hands on the new yarns; once they feel the quality and textures I’m halfway to a sale! Roll on autumn – I love it!
Jenny Carlisle runs Jean's Wool Shop in Belfast
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